The Commerce Department reported(.pdf) that May retail sales came in lower than expected, however, upward revisions to the April data offset much of last month’s disappointment.
Overall retail sales rose 0.3 percent in May, well short of the consensus estimate for a gain of 0.6 percent, as strong auto sales were partially offset by lower receipts at department stores and clothing stores. April sales were revised up from a gain of just 0.1 percent to a relatively strong 0.5 percent, this following a surge in both February and March after a sharp winter slowdown due largely to severe winter weather.
Excluding the 1.4 percent jump in auto sales, receipts rose just 0.1 percent last month and, excluding both autos and gasoline, sales were flat. Leading the advancing categories, miscellaneous store retailers saw a sales increase of 1.8 percent, home improvement store sales rose 1.1 percent, and nonstore (internet) retailers improved 0.6 percent.
Surprisingly, 8 of the 13 major categories saw lower sales, paced by drops of 0.6 percent at both general merchandise stores and clothing stores, 0.3 percent at electronics and appliance stores, and 0.2 percent at restaurants and bars.